Bank of America releases the spring 2013 Small Business Owner Report

sbor-spring-2013defaultPlayertrueblack/assets/images/partnering-locally/articles/SBOR_Spring13_VideoStill_878x494.jpg|Cover Illustration of Bank of America's Spring 2013 Small Business Owner Report|Spring 2013 Small Business Owner Report Video ||

MUSIC:Music cue fades up.

VOICEOVER (VO):Small business owners… they’re critical to our national economy and, more importantly, to their community.

VOICEOVER (VO):At Bank of America, we’re committed to learning more about their concerns and perspectives.

Twice a year we ask a thousand small business owners what they think…

What we found is that owners are focused on improving the financial health of their company and are committed to improving the overall personal wellness of their employees –

VO:… and themselves.INTV. GEORGE MONTILIO:“My name is George Montilio and I’m President of Montilio’s Baking Company in Boston, Brockton Mass… I’m a third generation baker and been baking since 1947.”

VO:Even though, seventy-two percent of owners work more than forty hours a week, small business owners strive to achieve a work life balance.

Fifty-three percent say their personal health has improved as a result of running a small business…

Thirty-five percent exercise more…

And twenty-nine percent eat healthier.

VO:And they extend this ambition to their employees. Eighty-five percent have innovative solutions to keep their employees satisfied.

In fact, thirty-one percent offer amenities in the workplace, such as healthy snacks, free lunches or massages.

VO:And forty-five percent of small business owners provide flexible work time options.

INTV. GEORGE MONTILIO:“All through our years we’ve been pretty flexible when people can start, you know. When they can get to work, we kind of - we’re very understandable for people’s starting times, which are very important in life today….”

INTV. GEORGE MONTILIO:“-- Because we’re a small business, we cannot really offer a lot of benefits. We just don’t have the financial where for all to do that.”

VO:And George is not alone… Only one-third of small business owners provide health and wellness benefits to their employees.

VO:Despite taking steps to enhance wellness in general, small business owners still face a variety of stress points.

This includes managing cash flow, customer satisfaction and uncontrollable factors such as the economy or natural disasters.

In fact, forty-three percent don’t have a plan in place to cope with a significant disruption to their business.

VO:When turning to credit and capital availability, sixty-seven percent of small business owners believe they have enough access to capital to effectively run their business.

INTV. GEORGE MONTILIO“Right now for what we’re doing we’re capitalized fairly good. We’re not looking to expand the company at this point. We’re trying to just do more with what we have. So we would be hiring based on the growth. That would dictate to us how many people we would be hiring.”

VO:As a Baby Boomer business owner, George is like many of his peers… only one in five plan to hire more employees in the coming year.

As a whole, Boomer and Generation X business owners outlook on the future differs from younger Millennial business owners – who are the most optimistic age group when it comes to what the future holds.

Fifty-two percent of Millennials plan to hire more employees over the next twelve months.

And seventy percent expect revenue to increase… both higher percentages than their older Gen X and Boomer counterparts.

Over sixty percent of Millennials expect both their local and the national economy to improve in the next year.

VO:Small business owners are working hard to make the coming twelve months successful ones. And at Bank of America we want to help them thrive… one connection at a time.

ALTERNATE TAKE:Small business owners are working hard to make the coming twelve months successful ones.

We are pleased to share the spring 2013 Bank of America Small Business Owner Report, a semi-annual study that uncovers the concerns, aspirations and perspectives of small business owners across the country. This study examines a variety of leading issues for small business owners, including the personal health and wellness, revenue and growth expectations, preparedness for the unexpected and access to capital.

Small business owners are not only focused on improving the financial health of their company, they are also focused on their own personal health and their employees’ wellness. Nearly nine in 10 of those surveyed report taking some steps to improve employee health and wellness. When thinking about the next 12 months, they are optimistic regarding their revenue and hiring expectations but remain concerned about the health of the overall economy. In addition, Millennial (18-to-34-years-old) small business owners are the most optimistic across all age groups regarding what the future holds for the economy and their business

At Bank of America, we know that small business owners are an essential element of our national and local economies. We are committed to offering the personal connection and local expertise of our bankers who are dedicated to the success of both small businesses and their communities.

Advertising Practices

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

Here’s how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that’s customized to meet specific interests you may have.

If you prefer that we not use this information, you can opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising.Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.

This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.

Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a registered broker-dealer, Member FINRA and Member Securities Investor Protection Corporation (SIPC), and other subsidiaries of Bank of America Corporation. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America Corporation. U.S. Trust, Bank of America Private Wealth Management operates through Bank of America, N.A., and other subsidiaries of BofA Corp.

Trust and fiduciary services are provided by Merrill Lynch Trust Company, a division of Bank of America, N.A. Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Investment products, insurance and annuity products: Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value | Are Not Deposits | Are Not Insured by Any Federal Government Agency | Are Not a Condition to Any Banking Service or Activity

MLPF&S and Bank of America, N.A. make available investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation or in which Bank of America Corporation has a substantial economic interest, including BofA™ Global Capital Management.

Certain content contained herein may have been produced by an outside party that is not affiliated with Bank of America Corporation and its subsidiaries ("BofA Corp"). Opinions and/or ideas expressed are not necessarily those of BofA Corp. Certain links may direct you to a site that is unaffiliated with BofA Corp. BofA Corp has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content.